Last updated: 1:08PM EST
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Stocks finished today’s trading session mixed, with the S&P 500 (SPX) and Dow Jones Industrial Average (DJIA) up by 0.06% and 0.33%, respectively, while the Nasdaq 100 (NDX) fell by 0.12%.
The Communications sector (XLC) was the session’s top loser, as it lost 0.47%. Conversely, the Materials sector (XLB) was the session’s leader, with a gain of 0.53%.
Furthermore, the U.S. 10-Year Treasury yield saw a six basis point increase to 4.47%. Similarly, the Two-Year Treasury yield also gained, as it hovers around 4.95%.
Meanwhile, investment firm Société Generale noted in its U.S. Equity Strategy 2024 Outlook report that U.S. stocks may see a rocky performance next year. However, the firm noted there may be a bright spot at the end.
Indeed, analysts placed a 4,750 price target for the S&P 500 by the end of 2024, adding that the risk premium on the index “is already in no-landing territory.” Furthermore, they anticipate a 150 basis point Fed rate cut by the end of 2024.
However, they also anticipate slowing GDP growth and continued quantitative tightening. In addition, as elections approach, they predict a credit market sell-off in the second quarter and a “mild recession” in the middle of next year.
Elsewhere, an S&P Global Survey showed that U.S. business activity steadied in November but noted a drop in private-sector employment. According to the report, the drop is the first in almost three-and-a-half years, although in line with expectations.
Moreover, S&P Global stated that its flash U.S. Composite PMI Output Index, which tracks the manufacturing and service sectors, remained unchanged at 50.7. It noted a slight increase in the services sector activity, which offset a decline in industrial activity. For reference, a reading above 50 implies private sector expansion.
First published: 9:30AM EST
Stocks opened higher after the Thanksgiving holiday, with the Nasdaq 100 (NDX) up by 0.06%, while those on the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) are up by 0.03% and 0.15%, respectively, at 9:30 a.m. EST, November 24.
Last updated: 3:22AM EST
U.S. Futures are trending mixed on the morning of Black Friday. Futures on the Nasdaq 100 (NDX) are down by 0.09%, while those on the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) are up by 0.02% and 0.09%, respectively, at 3:15 a.m. EST, November 24.
The U.S. stock markets will close early today, at 1:00 p.m. in honor of Black Friday. The three major averages are on track to finish the shortened trading week and the month positively.
Meanwhile, the U.S. 10-year treasury yield is trending near 4.45% at the time of writing. And the WTI crude oil futures are hovering near $76.44 per barrel as of the last check. Notably, OPEC delayed the policy-setting meeting, which dragged down energy stocks yesterday. Disagreements between members of the Organization of the Petroleum Exporting Countries (OPEC+) have sent oil prices down, pushing its policy-setting meeting to November 30.
There are no major economic reports or earnings releases scheduled for today.
Elsewhere, European markets are trading mixed this morning as traders await a speech from the European Central Bank (ECB) President Christine Lagarde.
Asia-Pacific Markets End Mixed on Friday
Asia-Pacific indices ended mixed on Friday. Japanese markets resumed trading today after a public holiday. Remarkably, Japan’s core inflation (excluding oil and gas) rate rose 2.9% in October, higher than the prior month.
Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indexes ended lower by 2.01%, 0.68%, and 0.94%, respectively.
Japan’s Nikkei and Topix indices finished higher by 0.52% and 0.54%, respectively.
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